- Tezos is stuck in a descending triangle
- Support stands at $1.66 area
- The Bollinger Bands point to a decrease in volatility
Tezos News Today – it is no secret that the contrarian markets love to mock digital currencies over a lack of stability, or lack of nuance. Hence, the diverse altcoin market, not like BTC, on its own, have displayed shades of stability, and uptrends. There were even downtrends as well plus a mix of pumps and dumps (volatility), take for example the case of the digital asset Tezos. Even tokens like NEM and Decred are worth mentioning as well. Let us see how these coins performed.
Tezos is Stuck in a Descending Triangle
The digital currency which is the only top-10 coin mentioned here, Tezos is trending downwards. The coin is held in a descending triangle. The digital asset’s highs have continued to go down since the start of this month, meanwhile, its lows have remained stable. Forming the bottom of this triangle is the $1.66 support level.
Besides the one-hour breakout that occurred on April 3, which was corrected two hours later, the digital asset has continued to maintain the downward sloping resistance. The Bollinger Bands point to a decrease in volatility as the coin’s price has stayed stable at the $1.69 range. The average line is now moving above Tezo’s price at press time.
NEM is Locked in Between $0.0379 and $0.0365, Decred is trading upward
NEM is locked in between the range of $0.0379 and $0.0365. The coin hasn’t moved very much. On three separate occasions, the price of Tezos hit the ceiling at $0.0379, before dropping off almost immediately and has since been unable to breakout. The third drop saw the price of the coin move down sharply. It dropped and formed five red candlesticks over the last six hours. The MACD indicator has reflected the bearish drop mentioned here as it has moved under the Signal pattern and is slowly approaching 0.
Decred the Treasury-backed cap digital currency, unlike the above-mentioned altcoins, is currently trading in an upward channel. Since the drop to the support area of $10.99, the coin’s price has moved up consistently. At press time, the price of DCR was changing hands at $11.86. The channel started to form on April 1 and continued to date. It was just on one occasion that the price breached the channel.
However, it was corrected hours later, as it was forced under the resistance area at $12.13. RSI for the digital coin has been moving downward since April 4. It has dropped down from the 58.59 area to a price of 49.41 at press time. This position is still healthy when you discover that the upward movement of the coin is still young.